Soybean futures (ZS) approach a buy point

NOV16 0911PST. Soybean futures (ZS) were the Wunderkind of the summer, rallying well over 40 percent between January 1st and the summer's drought-scorched height, but since topping off at $1789 in early September, the contract has given back about 23 percent.

ZS. Aug 26, 2012 to present. 4-hour candles.

The above chart depicts the past two months' decline, and a price channel nicely encapsulates nearly all the price action. Of note: today's two percent dip has brought ZS within a whisker of channel support, which might be expected in the $1360-1370 range.

NB: Equities traders can easily take bullish or bearish bets on soybeans through the SOYB exchange traded fund (whose formal title is: the Teucrium Soybean Fund ETF).